Luncheon Meeting

The Philippines is considered one of the most vulnerable countries affected by the effects of climate change. Reportedly, the climate-related shocks are estimated to cost the Philippines a minimum of 3% of its gross domestic product each year. With the escalating economic impacts of climate change, the Philippine private sector is being called upon to adopt net-zero strategies as a means of preserving long-term economic stability.

The Philippines, as a State Party to the Paris Agreement of 2015, is committed to this landmark international treaty on climate change, which seeks to limit the rise in global average temperature to well below 2°C above pre-industrial levels, while striving to restrict the increase to 1.5°C. In line with these commitments, the Low Carbon Investment Economy Bill proposes the creation of a comprehensive policy framework mandating large enterprises in covered sectors to develop decarbonisation plans with an annual greenhouse gas (GHG) emissions cap or "ceiling." These plans outline clear milestones and corresponding investments to meet the prescribed carbon reduction targets, ensuring a steady decline in emissions over time. The bill also introduces a Carbon Emission Pricing Framework and institutionalises a national GHG inventory system, leveraging market-based mechanisms such as carbon taxes, carbon offset programs, and emissions trading schemes to incentivise sustained emissions reductions.

The economic potential of low-carbon development is substantial. In light of these opportunities, the European Chamber of Commerce of the Philippines (ECCP) is organizing a Luncheon Meeting with Congressman Jose Manuel Alba, the main author of the Low Carbon Investment Economy Bill. Aligning with the country's commitments under the Paris Agreement, the bill supports the national target of a 75% reduction in GHG emissions by 2030, as outlined in the Nationally Determined Contribution (NDC). This event aims to:

• Gain insights into the bill's legislative progress, priority provisions, and implementation plans;
• Explore investment opportunities for European businesses in renewable energy, green infrastructure, sustainability, and other green sectors;
• Discuss potential collaborations between public and private sectors to support the Philippines' low-carbon transition; and
• Identify areas where European best practices and technologies can contribute to the bill's objectives.

This luncheon meeting serves as a platform for the European business community to engage directly with a principal author of a landmark environmental and economic legislation, fostering dialogue and partnerships that can drive both sustainability and inclusive growth in the Philippines.